Blared the headlines in the Financial Times. Politicians are trying to blame the financial mess on Goldman Sachs, with their Abacus product the focus.
So what’s the deal? Any new product has to be cleared by the government? Uh, no thanks. We don’t need politicians’ permission to create, innovate, and think for ourselves. What knowledge do politicians and regulators have that people who actually work in the industry have? None, in fact they have less, a lot less. Not only in Finance but in virtually every other industry. So every time they regulate, they hurt incomes, jobs, and wealth creation.